Some financial costs of home ownership can include:
Down payment. A down payment is the amount lenders require borrowers to put down before offering a mortgage. The amount can vary, but it is usually around 20 percent. Have you saved enough or are you willing to start saving regularly?
Monthly payments. With a mortgage, you'll need to make recurring payments each month for the next 15-30 years on average. The payments start out with more money going to interest than principal, which is a significant cost over time, but this is how most people can afford to buy their homes. Will your budget allow for this fixed payment? Are you willing to make the interest payments in order to get the funding you need to buy your house?
Insurance, maintenance, repair and remodeling costs. As a homeowner, you'll be required to get homeowners insurance and will be responsible for paying to keep up the property. You'll need to maintain your home, fix
anything that leaks, cracks or goes wrong and you may even want to remodel sections of your house.
Consider whether you are willing to take on these costs in exchange for the benefits of owning a home. Renting is often seen as the greater evil, but it can actually be the smarter option in certain situations. Most of step three and four would not apply to someone who is renting, but there are costs to renting as well, such as paying money that you won't be able to get back.